The present study aims to highlight the effect of the governing variables in regulated metal deposition (RMD™) on the mechanical properties and weld quality of low alloy steel. Current, voltage, and gas flow rate have been considered as main (RMD™) parameters, whereas heat-affected zone, depth of penetration, bead width, and bead height have been taken into account as welding performance characteristics. Signal to noise has been utilized in order to determine the optimal welding parameters, while analysis concerning the significant level of determination has been assessed using analysis of variance. Furthermore, the exploration of principal component analysis and combined quality loss concept integrated with the Taguchi method has been introduced to assess the favorable welding condition. The optimal favorable machine combination has been obtained as current = 100 A, V = 13 V, and gas flow rate = 21 L/min using both the methods.